Does The Market Have A Low Tolerance For Fujian Star-net Communication Co., LTD.'s (SZSE:002396) Mixed Fundamentals?
Does The Market Have A Low Tolerance For Fujian Star-net Communication Co., LTD.'s (SZSE:002396) Mixed Fundamentals?
It is hard to get excited after looking at Fujian Star-net Communication's (SZSE:002396) recent performance, when its stock has declined 5.3% over the past three months. It is possible that the markets have ignored the company's differing financials and decided to lean-in to the negative sentiment. Stock prices are usually driven by a company's financial performance over the long term, and therefore we decided to pay more attention to the company's financial performance. Particularly, we will be paying attention to Fujian Star-net Communication's ROE today.
看了福建星网通信(深圳证券交易所:002396)最近的表现,很难感到兴奋,当时其股票在过去三个月中下跌了5.3%。市场可能忽视了该公司不同的财务状况,决定倾向于负面情绪。股票价格通常由公司的长期财务业绩驱动,因此我们决定更多地关注公司的财务业绩。特别是,我们今天将关注福建星网通信的投资回报率。
Return on equity or ROE is a key measure used to assess how efficiently a company's management is utilizing the company's capital. Simply put, it is used to assess the profitability of a company in relation to its equity capital.
股本回报率或投资回报率是用于评估公司管理层利用公司资本效率的关键指标。简而言之,它用于评估公司相对于其股权资本的盈利能力。
How Is ROE Calculated?
ROE 是如何计算的?
ROE can be calculated by using the formula:
ROE 可以通过以下公式计算:
Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity
股本回报率 = 净利润(来自持续经营业务)÷ 股东权益
So, based on the above formula, the ROE for Fujian Star-net Communication is:
因此,根据上述公式,福建星网通信的投资回报率为:
6.4% = CN¥569m ÷ CN¥8.9b (Based on the trailing twelve months to September 2023).
6.4% = 5.69亿元人民币 ÷ 89亿元人民币(基于截至2023年9月的过去十二个月)。
The 'return' is the income the business earned over the last year. Another way to think of that is that for every CN¥1 worth of equity, the company was able to earn CN¥0.06 in profit.
“回报” 是企业去年获得的收入。另一种思考方式是,公司每拥有价值1元人民币的股权,就能获得0.06元的利润。
What Is The Relationship Between ROE And Earnings Growth?
投资回报率与收益增长之间有什么关系?
So far, we've learned that ROE is a measure of a company's profitability. Based on how much of its profits the company chooses to reinvest or "retain", we are then able to evaluate a company's future ability to generate profits. Assuming all else is equal, companies that have both a higher return on equity and higher profit retention are usually the ones that have a higher growth rate when compared to companies that don't have the same features.
到目前为止,我们已经了解到,投资回报率是衡量公司盈利能力的指标。根据公司选择将多少利润进行再投资或 “保留”,我们便能够评估公司未来创造利润的能力。假设其他条件都一样,与功能不相同的公司相比,具有更高股本回报率和更高利润保留率的公司通常具有更高的增长率。
Fujian Star-net Communication's Earnings Growth And 6.4% ROE
福建星网通信的收益增长和6.4%的投资回报率
At first glance, Fujian Star-net Communication's ROE doesn't look very promising. However, given that the company's ROE is similar to the average industry ROE of 6.4%, we may spare it some thought. But then again, Fujian Star-net Communication's five year net income shrunk at a rate of 3.6%. Remember, the company's ROE is a bit low to begin with. Hence, this goes some way in explaining the shrinking earnings.
乍一看,福建星网通信的投资回报率看起来并不十分乐观。但是,鉴于该公司的投资回报率与6.4%的行业平均投资回报率相似,我们可以不加思索。但话又说回来,福建星网通信的五年净收入以3.6%的速度萎缩。请记住,公司的投资回报率一开始有点低。因此,这在某种程度上解释了收益的萎缩。
That being said, we compared Fujian Star-net Communication's performance with the industry and were concerned when we found that while the company has shrunk its earnings, the industry has grown its earnings at a rate of 13% in the same 5-year period.
话虽如此,我们将福建星网通信的表现与该行业的表现进行了比较,当我们发现尽管该公司缩减了收益,但该行业在同期5年内以13%的速度增长了收益时,我们对此感到担忧。
![past-earnings-growth](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240327/0-55e36a58a1f6a239e23f953c83f2072f-0-faa38126ba636d5bcb5618872d2414c1.png/big)
Earnings growth is an important metric to consider when valuing a stock. It's important for an investor to know whether the market has priced in the company's expected earnings growth (or decline). By doing so, they will have an idea if the stock is headed into clear blue waters or if swampy waters await. One good indicator of expected earnings growth is the P/E ratio which determines the price the market is willing to pay for a stock based on its earnings prospects. So, you may want to check if Fujian Star-net Communication is trading on a high P/E or a low P/E, relative to its industry.
收益增长是对股票进行估值时要考虑的重要指标。对于投资者来说,重要的是要知道市场是否对公司的预期收益增长(或下降)进行了定价。通过这样做,他们将知道股票是走向清澈的蓝色海水还是沼泽水域在等着呢。衡量预期收益增长的一个很好的指标是市盈率,它根据收益前景决定了市场愿意为股票支付的价格。因此,您可能需要检查福建星网通信相对于其行业是高市盈率还是低市盈率。
Is Fujian Star-net Communication Efficiently Re-investing Its Profits?
福建星网通信是否有效地将利润再投资?
When we piece together Fujian Star-net Communication's low three-year median payout ratio of 11% (where it is retaining 89% of its profits), calculated for the last three-year period, we are puzzled by the lack of growth. The low payout should mean that the company is retaining most of its earnings and consequently, should see some growth. It looks like there might be some other reasons to explain the lack in that respect. For example, the business could be in decline.
当我们计算出福建星网通信过去三年来最低的三年派息率中位数11%(保留了89%的利润)时,我们对缺乏增长感到困惑。低支出应意味着该公司保留了大部分收益,因此应该会出现一些增长。看来可能还有其他一些原因可以解释这方面的不足。例如,业务可能会下滑。
Additionally, Fujian Star-net Communication has paid dividends over a period of at least ten years, which means that the company's management is determined to pay dividends even if it means little to no earnings growth. Our latest analyst data shows that the future payout ratio of the company is expected to drop to 4.0% over the next three years. As a result, the expected drop in Fujian Star-net Communication's payout ratio explains the anticipated rise in the company's future ROE to 13%, over the same period.
此外,福建星网通信已在至少十年内派发了股息,这意味着即使收益增长微乎其微,公司的管理层也决心派发股息。我们最新的分析师数据显示,该公司的未来派息率预计将在未来三年降至4.0%。因此,福建星网通信派息率的预期下降解释了该公司未来投资回报率同期的预期上升至13%。
Summary
摘要
Overall, we have mixed feelings about Fujian Star-net Communication. While the company does have a high rate of reinvestment, the low ROE means that all that reinvestment is not reaping any benefit to its investors, and moreover, its having a negative impact on the earnings growth. With that said, we studied the latest analyst forecasts and found that while the company has shrunk its earnings in the past, analysts expect its earnings to grow in the future. To know more about the company's future earnings growth forecasts take a look at this free report on analyst forecasts for the company to find out more.
总的来说,我们对福建星网通信喜忧参半。尽管该公司的再投资率确实很高,但低投资回报率意味着所有这些再投资都没有给投资者带来任何好处,而且还对收益增长产生了负面影响。话虽如此,我们研究了分析师的最新预测,发现尽管该公司过去曾缩减收益,但分析师预计其未来收益将增长。要了解有关公司未来收益增长预测的更多信息,请查看这份关于分析师预测的免费报告,以了解更多信息。
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Simply Wall St的这篇文章本质上是笼统的。我们仅使用公正的方法根据历史数据和分析师的预测提供评论,我们的文章无意作为财务建议。它不构成买入或卖出任何股票的建议,也没有考虑到您的目标或财务状况。我们的目标是为您提供由基本数据驱动的长期重点分析。请注意,我们的分析可能不考虑最新的价格敏感型公司公告或定性材料。简而言之,华尔街没有持有任何上述股票的头寸。